Booking Holdings Inc. is a leading provider of online travel and related services, operating primarily through its five consumer-facing brands: Booking.com, Priceline, Agoda, KAYAK, and OpenTable. The company offers a wide range of services, including accommodation reservations, flights, rental cars, restaurant reservations, and vacation packages . Revenue is primarily generated from online travel reservation services, categorized into merchant and agency revenues, with a significant portion coming from Booking.com's accommodation reservations . In 2023, the company reported significant milestones, including over 1 billion room nights booked and record gross bookings .
- Accommodation Reservations - Facilitates online booking of accommodations, primarily through Booking.com, contributing significantly to both merchant and agency revenues.
- Flights - Offers online flight booking services through its brands, providing travelers with a range of options for air travel.
- Rental Cars - Provides rental car booking services, allowing customers to reserve vehicles for their travel needs.
- Restaurant Reservations - Operates through OpenTable, offering restaurant reservation and management services.
- Vacation Packages - Combines various travel services into packages, offering convenience and value to travelers.
- Advertising and Referral Services - Generates revenue through KAYAK's referral and advertising services, enhancing visibility for travel-related businesses.
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| Name | Position | External Roles | Short Bio | |
|---|---|---|---|---|
Glenn D. Fogel ExecutiveBoard | Chief Executive Officer and President | None | Glenn D. Fogel has been CEO and President of BKNG since January 2017. He also became CEO of Booking.com in June 2019. He joined BKNG in February 2000 and has held various leadership roles, including EVP of Corporate Development. | View Report → |
Ewout L. Steenbergen Executive | Chief Financial Officer | Chair of the Board of Directors of UNICEF USA | Ewout Steenbergen joined BKNG as CFO on March 15, 2024. Previously, he was EVP and CFO at S&P Global and held leadership roles at Voya Financial and ING Group. He has extensive experience in finance and technology. | |
Paulo Pisano Executive | Chief Human Resources Officer | None | Paulo Pisano has been CHRO at BKNG since August 2021. He previously served as Chief People Officer at Galp and held senior HR roles at Pearson and Barclays. | |
Peter J. Millones Executive | EVP and General Counsel | None | Peter J. Millones has been General Counsel since January 2001 and EVP since April 2003. He previously served as VP and Associate General Counsel and worked at Latham & Watkins LLP before joining BKNG. | |
Charles H. Noski Board | Director | Director at Hewlett Packard Enterprise and MIO Partners, Inc. | Charles H. Noski has been a director at BKNG since 2015. He is a financial expert with extensive experience in corporate governance and has held leadership roles at Bank of America, Northrop Grumman, and AT&T. | |
Kelly Grier Board | Director | Director at Illinois Tool Works Inc. and CDW Corporation | Kelly Grier joined BKNG's board in November 2023. She is a senior advisor to Permira Advisors and serves on the boards of ITW and CDW, among others. | |
Larry Quinlan Board | Director | Director at ServiceNow and Jones Lang LaSalle | Larry Quinlan joined BKNG's board in October 2022. He is the former Global CIO of Deloitte and serves on the boards of ServiceNow and JLL. | |
Lynn Vojvodich Radakovich Board | Director | Director at Dell Technologies, Ford Motor Company, and Figma | Lynn Vojvodich Radakovich has been a director at BKNG since 2016. She is an advisor to tech companies and has held executive roles at Salesforce and Andreessen Horowitz. | |
Mirian M. Graddick-Weir Board | Director | Director at Yum! Brands, Inc. | Mirian M. Graddick-Weir has been a director at BKNG since 2018. She has extensive HR leadership experience, having served as EVP of HR at Merck and SVP of HR at AT&T. | |
Nicholas J. Read Board | Director | Executive Chairman of EXA Infrastructure; Senior Advisor to Global Infrastructure Partners; Board Member at Radius Global Infrastructure | Nicholas J. Read has been a director at BKNG since 2018. He is the former CEO of Vodafone Group and has extensive experience in global business and finance. | |
Robert J. Mylod Jr. Board | Chair of the Board of Directors | Managing Partner of Annox Capital Management; Board Member at Vroom and Freightos | Robert J. Mylod Jr. has been Chair of the Board since June 2020. He previously served as CFO and Vice Chair at BKNG and has extensive experience in finance and strategy. | |
Sumit Singh Board | Director | CEO and Director at Chewy, Inc. | Sumit Singh has been a director at BKNG since 2022. He is the CEO of Chewy, Inc. and previously held leadership roles at Amazon and Dell. | |
Thomas E. Rothman Board | Director | Chairman and CEO of Sony Pictures Entertainment Motion Picture Group | Thomas E. Rothman has been a director at BKNG since 2013. He is a media executive and currently serves as Chairman and CEO of Sony Pictures Entertainment Motion Picture Group. | |
Wei Hopeman Board | Director | Managing Partner of Arbor Ventures | Wei Hopeman has been a director at BKNG since 2019. She is a venture capital expert and co-founder of Arbor Ventures, focusing on fintech investments. |
- With growth in the U.S. market described as low single digits and feedback from property managers indicating your platform is more complex than competitors', what specific actions are you taking to simplify your platform for property managers and accelerate growth in the U.S. market?
- As alternative accommodations grow 14% in Q3, how are you ensuring that this growth is truly incremental rather than cannibalizing hotel bookings, and what strategies are you implementing to attract new customer cohorts specifically seeking alternative accommodations?
- Given that social media marketing investments are still a relatively small part of your budget and scaling ROI has been challenging in the past, what strategies are you now employing to sustainably scale your social media marketing efforts while maintaining or improving ROI?
- While you've identified opportunities for operating leverage through managing fixed expenses and leveraging AI, you also mention the need to reinvest in growth initiatives; how do you plan to balance these priorities, and should we expect fixed OpEx to grow slower than revenue over the long term to drive margin expansion?
- Regarding the $365 million accrual related to potential settlement of Italian indirect tax matters, can you provide more details on the issue, its potential impact on future earnings, and how you're addressing regulatory risks to prevent significant unexpected expenses moving forward?
Research analysts who have asked questions during Booking Holdings earnings calls.
Kevin Kopelman
TD Cowen
7 questions for BKNG
Justin Post
Bank of America Corporation
6 questions for BKNG
Lee Horowitz
Deutsche Bank
5 questions for BKNG
Mark Mahaney
Evercore ISI
5 questions for BKNG
Brian Nowak
Morgan Stanley
4 questions for BKNG
Eric Sheridan
Goldman Sachs
4 questions for BKNG
Douglas Anmuth
JPMorgan Chase & Co.
3 questions for BKNG
Doug Anmuth
JPMorgan Chase & Co.
2 questions for BKNG
Mark Stephen Mahaney
Evercore ISI
2 questions for BKNG
Ronald Josey
Citigroup Inc.
2 questions for BKNG
Ron Josey
Citigroup Inc.
2 questions for BKNG
Dae Lee
JPMorgan Chase & Co.
1 question for BKNG
Jed Kelly
Oppenheimer & Co. Inc.
1 question for BKNG
John Colantuoni
Jefferies
1 question for BKNG
Kenneth Gawrelski
Wells Fargo & Company
1 question for BKNG
Naved Khan
B. Riley Securities
1 question for BKNG
Stephen Ju
UBS
1 question for BKNG
Thomas White
D.A. Davidson & Co.
1 question for BKNG
Trevor Young
Barclays
1 question for BKNG
Competitors mentioned in the company's latest 10K filing.
| Company | Description |
|---|---|
Competes directly with the accommodations businesses, particularly in the market for alternative accommodations. | |
Vrbo | Owned by Expedia, competes directly with the accommodations businesses, particularly in the market for alternative accommodations. |
Leverages its general search business to compete with Kayak by showing its own meta-search results at the top of its organic search results, and offers its meta-search services free to travel service providers. Its online travel offerings have grown rapidly by linking travel search services to its dominant search functionality through flight, hotel, and alternative accommodations meta-search products, and by integrating such products into its Google Maps app. |
Notable M&A activity and strategic investments in the past 3 years.
| Company | Year | Details |
|---|---|---|
Getaroom | 2021 | Booking Holdings acquired Getaroom for approximately $1.2 billion with the deal announced in November 2021 and completed in December 2021. This strategic acquisition was designed to bolster Booking’s B2B travel distribution by integrating Getaroom’s technology and sales solutions into Priceline’s Strategic Partnerships business unit, led by Getaroom’s CEO Matt Davis, thereby enhancing its service offering and U.S. market presence. |
Recent press releases and 8-K filings for BKNG.
- Booking Holdings priced two euro-denominated senior notes: €750 million of 3.000% notes due 2030 and €750 million of 3.625% notes due 2035, with settlement on November 7, 2025.
- The 2030 notes were sold at 99.604% of par, and the 2035 notes at 98.602% of par, reflecting respective coupons of 3.000% and 3.625%.
- The offering was led by Citigroup, Deutsche Bank, Goldman Sachs, HSBC and J.P. Morgan, with total allocations of €750 million for each series.
- The 2035 notes are callable at 100% of principal from August 7, 2035 (par call), with make-whole redemptions permitted earlier at the greater of par or the discounted present value of remaining payments plus 20 bps.
- U.S. Bank Trust Company, National Association serves as trustee (authenticating agent, registrar and transfer agent), and U.S. Bank Europe DAC, UK Branch is the paying agent.
- Q3 room nights of 323 million (+8%), gross bookings of $50 billion (+14%), revenue of $9 billion (+13%), Adjusted EBITDA of $4.2 billion (+15%) and adjusted EPS up 19% year-over-year.
- Q4 guidance for room nights +4–6%, gross bookings +11–13%, revenue +10–12% and Adjusted EBITDA of $2.0–2.1 billion; full-year 2025 targets raised to room nights +7%, gross bookings +11–12%, revenue +12%, Adjusted EBITDA +17–18% and adjusted EPS +20%+.
- Progress on platform strategy with connected-trip transactions up mid-20% and now ~low-double-digit share of total bookings ; alternative accommodations listings at 8.6 million (+10%) ; and rollout of generative AI tools including the ChatGPT App Store integration to boost customer and partner engagement.
- Room nights rose 8% YoY to 323 million, gross bookings grew 14%, revenue increased 13%, adjusted EBITDA reached $4.2 billion (+15%) and adjusted EPS climbed 19%.
- Connected trip transactions were up mid-20% YoY and now constitute a low double-digit share of total transactions; flights grew 32% and attractions nearly 90%; Genius loyalty members (>30% of active base) accounted for mid-50% of room nights, while alternative accommodations grew 10% to 36% of mix.
- Q3 free cash flow was $1.4 billion; the transformation program delivered over $225 million in savings YTD (full run-rate $500–550 million) and the company returned capital via ~$700 million in share buybacks, $300 million in dividends, and $1.5 billion of debt redemptions.
- Q4 guide: room nights +4–6%, gross bookings +11–13%, revenue +10–12%, adjusted EBITDA of $2.0–2.1 billion; FY 2025 outlook raised to gross bookings +11–12%, revenue +12%, adjusted EBITDA +17–18%, and adjusted EPS ~+20%.
- Booking Holdings delivered 323 million room nights (+8% YoY), $50 billion gross bookings (+14% YoY), and $9 billion revenue (+13% YoY), driving $4.2 billion adjusted EBITDA (+15% YoY) in Q3 2025.
- Merchant gross bookings grew 26% YoY, totaling $123 billion over the last four quarters (68% of total gross bookings), while flight ticket bookings rose 32% and attraction tickets neared 90% growth.
- Achieved $70 million in-quarter savings from its transformation program, enabling $450 million of annual run-rate savings to date and raising full-program run-rate savings outlook to $500–550 million.
- Issued Q4 guidance: room nights +4–6%, gross bookings +11–13%, revenue +10–12%, and adjusted EBITDA of $2.0–2.1 billion; raised full-year 2025 expectations to gross bookings +11–12%, revenue +12%, adjusted EBITDA +17–18%, and adjusted EPS >20%.
- Reported third-quarter revenue of $9.0 B, up 13% year-over-year, and gross bookings of $49.7 B, up 14% (10% constant currency).
- GAAP EPS was $84.41, up 14%, while adjusted EPS was $99.50, up 19%.
- Adjusted EBITDA reached $4.2 B, a 15% increase, with an adjusted EBITDA margin of 47.0% (45.8% in Q3 2024).
- Declared a $9.60 per-share dividend for Q4 2025 and repurchased $0.7 B of stock in Q3, with $23.9 B of repurchase authorization remaining.
- Issued Q4 2025 guidance calling for revenue growth of 10–12% (5–7% constant currency) and adjusted EBITDA of $2.0–2.1 B; full-year 2025 revenue growth expected at about 12% with EBITDA growth of 17–18%.
- CleanCore Solutions has appointed Matt Swann as Chief Digital Officer of House of Doge Inc., leveraging his leadership experience at Booking.com, Amazon, StubHub, and Citi.
- Swann will oversee the development of next-generation digital and payment infrastructure aimed at expanding Dogecoin’s real-world utility.
- CleanCore and House of Doge plan to integrate Dogecoin across global financial, commercial, and consumer networks through collaborative initiatives.
- The company’s long-term objective includes securing up to 5% of Dogecoin’s circulating supply in its Official Dogecoin Treasury.
- Booking reiterated its connected-trip vision, with five strategic pillars: boosting direct customer interactions (now mid-60% of B2C traffic), expanding verticals (flights +44% Q2, attractions +100% YoY), geographic growth (Asia leadership, U.S. opportunity), fintech/payments (≥70% of $100 billion+ bookings), and disciplined capital reinvestment and returns.
- Consumer demand remains “steady” across regions: Europe strong, Asia rebounding after Q1 headwinds, U.S. improving but with mixed ADRs and booking-window trends, and continued income-segment bifurcation in U.S. leisure travel.
- Alternative accommodations continue to outpace peers, with 8.4 million listings (+8% YoY) and 37% of room nights, having outgrown the leading competitor in 16 of the past 17 quarters.
- Generative AI is deployed across customer service (lower costs, higher satisfaction), smart filters (reducing cancellations), and future agentic trip-planning, via partnerships with OpenAI, Google, Microsoft, AWS, and Salesforce.
- Financial targets include expanding from ~35% EBITDA margin in 2024 by +125 bps in 2025, realizing $150 million in productivity savings this year and $300 million in 2026, generating ~$9 billion free cash flow ttm, and returning capital through dividends and buybacks with net leverage ~1×.
- Booking focuses on a connected trip vision with five strategic priorities: boosting direct B2C traffic to mid-60% levels, expanding verticals (alternative accommodations, flights +44% YoY, attractions +100% YoY), geographic growth (Asia leadership; US opportunity), payments/fintech (~70% of bookings, >$100 B in volume), and disciplined capital strategy.
- Global demand is described as “steady”, with strong growth in Europe and Asia; the US market shows sequential improvement but mixed ADR trends and a bifurcated consumer, as higher-income travelers outperform lower segments.
- Deploying generative AI across customer service and product features has lowered per-booking service costs, raised satisfaction, introduced smart natural-language filters to reduce cancellations, and aims to build agentic booking experiences to drive direct engagement.
- Financials: achieved ~35% EBITDA margin in 2024, guiding +125 bps expansion in 2025, targeting $450 M of productivity savings through 2026, generating ~$9 B free cash flow TTM, with net leverage around 1× and returning capital via dividends and buybacks.
- Booking’s CFO highlighted five strategic priorities centered on the connected trip: expanding direct loyalty growth, broadening vertical offerings, pursuing geographic expansion, scaling payments/fintech, and maintaining disciplined capital reinvestment and returns.
- Consumer demand remains “steady”: Europe is booking early at higher prices, Asia saw post-Q1 recovery, and the U.S. improved sequentially but faces ADR headwinds and income-segment bifurcation.
- The alternative accommodations segment reached 8.4 million listings (+8% YoY) and now represents 37% of room nights, outgrowing the market leader in 16 of the past 17 quarters.
- Generative AI is already reducing customer-service costs while boosting satisfaction, powering “smart filters” that lower cancellations, and laying the foundation for a fully integrated, agentic trip-planning interface.
- Financially, Booking reported ~35% EBITDA margin in 2024 with a 125 bps expansion targeted for 2025, backed by $150 million of productivity savings this year, an additional $300 million in 2026, and $9 billion of LTM free cash flow, fueling dividends and buybacks.
- Booking’s strategy centers on its connected trip vision: driving mid-60% direct B2C traffic, expanding verticals (flights +44% YoY, alternative accommodations now 37% of room nights) and pursuing geographic growth in Asia and the U.S.
- Consumer demand is described as “steady” across regions, with strong European and Asian bookings, while U.S. demand shows sequential improvement amid narrow booking windows and lower-income segment weakness
- Generative AI is being applied to customer service—lowering costs and raising satisfaction—and to in-product features like natural-language “smart filters,” reducing cancellations, while paving the way for a fully agentic booking experience
- Financial discipline targets ~35% EBITDA margins (guidance +125 bps), backed by a $150 M productivity program this year and $300 M in 2026, generating $9 B free cash flow TTM and maintaining ~1× net leverage with dividends and buybacks